Tata Motors Partners With Karnataka Bank To Extend Retail Finance Support To Its Customers

Tata Motors Partners With Karnataka Bank To Extend Retail Finance Support To Its Customers

Tata Motors, India’s leading automotive brand has signed a Memorandum of Understanding (MOU) with Karnataka Bank in a joint effort to introduce attractive financing offers for its customers to purchase their favourite Tata car*. Customers can now take advantage of a variety of schemes on their future vehicle purchase available across 857 branches of Karnataka Bank which include 199 semi urban and 67 rural branches, making vehicle buying easy and affordable nationwide.

Under this collaborative initiative, customers can avail loans of up to 85% on the on-road pricing of a Tata Motors vehicle with an interest rate linked to External Benchmark Lending Rate (EBLR) which will be updated on the bank’s website periodically. The tenure of this loan is set at a maximum time frame of up to 84 months. In addition to the above, the individuals applying for the loan have to be at least 18 years of age and need to be income tax assesses.

The scheme can also be availed by customers who are agriculturists and are owners of farming lands as well as by Non-Resident Indians (NRIs). A company/ firm/ trust/ association/ society availing the loan in its name or in the name of its executive/ managing director/ managing partner/ managing trustee/ president/ secretary is also eligible for finance under this program.

As of present day, Tata Motors has the youngest and the safest range of passenger vehicles in the Indian vehicle market. All the products under its New Forever range of cars have been lauded for their design, safety and performance. The Company is witnessing visible demand and growth in bookings for all ‘New Forever’ range of cars and UVs, including the recently launched Harrier 2020 and the Altroz. The rising demand for these products has resulted in a market share of 7.8% (YTD). 

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